Finance says revenue shortfall won’t affect financial position: Thailand

[webfact]

Finance says revenue shortfall won’t affect financial position



BANGKOK: -- The permanent-secretary of the Finance ministry assured Monday that its revenue shortfall by 160 billion baht below target won't affect its solid financial position.

Mr Rangsan Sriworasart, the new permanent-secretary of finance, said three major revenue collectors, namely the Revenue, Excise and Customs departments, have set targets to collect a total 1.89 trillion baht in 2014 fiscal year.

However they could not achieved the revenue target with 160 billion below as the result of economic slowdown that has affected the collection in the second half of the year.

Collection by the Revenue department was 100 billion baht below target, while the Excise and Customs were 40 billion and 30 billion baht below respectively, he said.

But Mr Rangsan affirmed that although the revenue collection did not achieve target with160 billion baht shortfall, the country’s financial position was unshaken because it still have high treasury reserve of 3.8 trillion baht to back its solid position.

He also said the ministry has proposed several tax reform measures to the National Council for Peace and Order for consideration, adding it was now up to the NCPO to consider what measure is appropriate for use.

He said that earlier the NCPO has agreed to its proposal to retain the 7% value added tax for another year.

The NCPO has also advised the Public Debt Management Office to issue 3-year and 7-10 year bonds with 4 and 4.75 % interest respectively to distribute to the people for saving purpose as it gives higher yields than depositing their money at banks.

Source: http://englishnews.thaipbs.or.th/finance-says-revenue-shortfall-wont-affect-financial-position/


-- Thai PBS 2014-07-21

[clockman]

What happened about the luxury cars, that were found. And nobody claimed?

[shirtless]

I thought consumer confidence was up or at least they claimed it to be .

[laocowboy2]

I thought consumer confidence was up or at least they claimed it to be .

Thai fiscal ear for government runs rom October 1st to September 30th. And so the 2014 fiscal year neatly coincided with the worst of the troubles, the dissolution of parliament, civil chaos, states of emergency and then the coup, curfew and martial law. While consumer confidence may be rising now (I do not know either way) it is too late for this to positively impact the tax and customs revenues for current fiscal year. I am actually surprised that the shortfall is not larger. Pretty resilient result all things considered

[rubl]

Does this mean that the planned shortfall of 200 billion for the 2013/2014 Fiscal Year is turning out to be about 370 billion ?

[HiSoLowSoNoSo]

Thai taxman asserts revenue hits target
By English News



BANGKOK, March 21 – The total revenue from this year’s tax collections will reach the targeted amount despite a corporate tax reduction to 20 per cent, leading to the state’s loss of over Bt100 billion, according to the director general of the Revenue Department.

Sounds like the party is over!

[carstenp]

Thai taxman asserts revenue hits target

By English News

BANGKOK, March 21 – The total revenue from this year’s tax collections will reach the targeted amount despite a corporate tax reduction to 20 per cent, leading to the state’s loss of over Bt100 billion, according to the director general of the Revenue Department.

Sounds like the party is over!

Here is the text

BANGKOK, March 20 – The total revenue from this year’s tax collections will reach the targeted amount despite a corporate tax reduction to 20 per cent, leading to the state’s loss of over Bt100 billion, according to the director general of the Revenue Department.

Satit Rungkasiri said the reduced revenue could be compensated by other categories of tax including the value added tax (VAT).

Personal income tax will be adjusted from the ceiling of 37 per cent to 35 per cent, to be effective in the 2013 tax payment year, he said, adding that tax collection was higher than the 25 per cent target.

“We are concerned about decreasing revenue from last year’s reduction of corporate tax from 30 per cent to 23 per cent, and this year’s further reduction from 23 per cent to 20 per cent,” he said.

Reducing the corporate income tax has, however, expanded the tax payment base by 18 per cent and contributed to improved accounting systems among small enterprises, Mr Sathit pointed out.

He said the tax collection base will be greater while loopholes allowing tax evasion must be eliminated to increase the number of taxpayers.

Deputy Permanent Secretary for Finance Rangsan Srivorasart said the total tax revenue of Bt2 trillion, representing collections at a 20 per cent level for corporations, is rather low compared to other countries and a tax structure reform is necessary.

“A VAT increase by only 1 per cent will boost the country’s revenue by Bt84 billion and affect the gross domestic product (GDP) and inflation by only 0.015 per cent and 0.61 per cent respectively,” he said. (MCOT online news)

Edited July 21, 2014 by carstenp

[Krataiboy]

Try giving the missus a few thousand baht less housekeeping and tell her it should make no difference.

[JAG]

Just print some more dosh, submarines to pay for and all that!

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[Thai at Heart]

Thai taxman asserts revenue hits target

By English News

BANGKOK, March 21 The total revenue from this years tax collections will reach the targeted amount despite a corporate tax reduction to 20 per cent, leading to the states loss of over Bt100 billion, according to the director general of the Revenue Department.

Sounds like the party is over!

Here is the text

BANGKOK, March 20 The total revenue from this years tax collections will reach the targeted amount despite a corporate tax reduction to 20 per cent, leading to the states loss of over Bt100 billion, according to the director general of the Revenue Department.

Satit Rungkasiri said the reduced revenue could be compensated by other categories of tax including the value added tax (VAT).

Personal income tax will be adjusted from the ceiling of 37 per cent to 35 per cent, to be effective in the 2013 tax payment year, he said, adding that tax collection was higher than the 25 per cent target.

We are concerned about decreasing revenue from last years reduction of corporate tax from 30 per cent to 23 per cent, and this years further reduction from 23 per cent to 20 per cent, he said.

Reducing the corporate income tax has, however, expanded the tax payment base by 18 per cent and contributed to improved accounting systems among small enterprises, Mr Sathit pointed out.

He said the tax collection base will be greater while loopholes allowing tax evasion must be eliminated to increase the number of taxpayers.

Deputy Permanent Secretary for Finance Rangsan Srivorasart said the total tax revenue of Bt2 trillion, representing collections at a 20 per cent level for corporations, is rather low compared to other countries and a tax structure reform is necessary.

A VAT increase by only 1 per cent will boost the countrys revenue by Bt84 billion and affect the gross domestic product (GDP) and inflation by only 0.015 per cent and 0.61 per cent respectively, he said. (MCOT online news)

A vat increase will boost the country's revenue???????

With genii like thus what can anyone say?

[englishoak]

if they have all those reserves what need to borrow a few billion baht for this or that ?

I should think its been going through those reserves a little bit sharpish of late, nevermind nothing to be concerned about , its all on the up up up. Shame tax revenue is down down down.

Edited July 21, 2014 by englishoak

[Cake Monster]

Revenue - down, Exports - down, Tourism - down, GDP - down, Growth forcasts - down, Credit card spending - down, and Government spending to increaseing ?

Sounds like the next crash could be here to me, maybe not soon as the reserves can be used, but they will not last forever.